THQ Files for Chapter 11 Bankruptcy, Selling Assets

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We all knew this was coming with the dire situation that THQ has been in for sometime but, today the publisher announced that they have filed for Chapter 11 bankruptcy and are selling off company assets. More details inside!

THQ has filed for Chapter 11 (reorganization) bankruptcy.

Clearlake Capital Group, a private equity firm, has agreed to a purchase agreement for the company’s assets. Clearlake is “to acquire substantially all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development.” THQ’s stock on the Nasdaq exchange has been halted and the company is expected to be delisted within nine calendar days.

“The sale and filing are necessary next steps to complete THQ’s transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ’s deep bench of talent,” said THQ CEO Brian Farrell.

THQ expects the sale to be completed withing 30 days. The good news right now is that no layoffs are scheduled as of now and employees will be paid normally and work their regular schedules.

Hopefully this once great publisher can rise up once again.

[Source]

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